Financing: Dreaming of Public Exits-If not Now, then When...and How?
Tuesday, October 25th, 9:30am - 10:25am
The latest IPO window has stalled and global macro events threaten to completely shut it. Meanwhile, reverse mergers in Biotech continue to gain momentum with eight transactions in the last year alone. As chilly winds continue to blow through the latest IPO window, more private companies are considering this option among others. This panel will examine the current financing environment and common hurdles private executive teams need to be aware of as they pursue the public path.
- David Parrot, Managing Director, BMO Capital Markets
- Alan H. Auerbach, President & Chief Executive Officer, Puma Biotechnology, Inc.
- Marc Beer, President & CEO, Aegerion Pharmaceuticals, Inc.
- Paul J. Hastings, President & Chief Executive Officer, OncoMed Pharmaceuticals, Inc.
- Jonathan MacQuitty, PhD, Partner, Abingworth
Alan H. Auerbach - Puma Biotechnology was founded by Alan H. Auerbach, who previously served as Founder, Chief Executive Officer and President of Cougar Biotechnology, Inc., a company dedicated to in-licensing and developing drugs for the treatment of cancer. Cougar was acquired by Johnson & Johnson in July 2009.
Mr. Auerbach founded Cougar Biotechnology in May 2003 and served as the company's Chief Executive Officer, President and a Member of its Board of Directors until July 2009 when Cougar was acquired by Johnson & Johnson. From July 2009 until January 2010, Mr. Auerbach served as the Co-Chairman of the Integration Steering Committee at Cougar (as part of Johnson & Johnson) that provided leadership and oversight for the development and global commercialization of Cougar's lead product candidate, abiraterone acetate, for the treatment of advanced prostate cancer.
Prior to founding Cougar, from June 1998 to April 2003 Mr. Auerbach was a Vice President, Senior Research Analyst at Wells Fargo Securities, where he was responsible for research coverage of small- and middle- capitalization biotechnology companies, with a focus on companies in the field of oncology. He had primary responsibility for technical, scientific and clinical due diligence, as well as selection of biotechnology companies followed by the company. During 2002, Mr. Auerbach ranked second in the NASDAQ/Starmine survey of analyst performance for stock picking in biotechnology. From August 1997 to May 1998, Mr. Auerbach was a Vice President, Research Analyst at the Seidler Companies, Inc., where he was responsible for research coverage of small capitalization biotechnology companies. Prior to his work as a biotechnology analyst, Mr. Auerbach worked for Diagnostic Products Corporation, where he designed and implemented clinical trials in the field of oncology.
Mr. Auerbach received a B.S. in Biomedical Engineering from Boston University and an M.S. in Biomedical Engineering from the University of Southern California.
Paul J. Hastings - Mr. Hastings brings more than 20 years of experience as a biotechnology and pharmaceutical industry executive. He has served as President and CEO of OncoMed Pharmaceuticals since January 2006. Prior to joining OncoMed, Mr. Hastings was President and Chief Executive Officer of QLT, Inc. Previous to that, Mr. Hastings served as President and Chief Executive Officer of Axys Pharmaceuticals, which was acquired by Celera Corporation in 2001. From 1999 to 2001, Mr. Hastings served as the President of Chiron BioPharmaceuticals, a division of Chiron Corporation. Prior to that, he was President and Chief Executive Officer of LXR Biotechnology. Mr. Hastings also held a series of management positions of increasing responsibility at Genzyme Corporation, including serving as President of Genzyme Therapeutics Europe as well as President of Worldwide Therapeutics. Mr. Hastings also served as Vice President, Marketing and Sales and General Manager, Europe for Synergen, Inc., and previously held a series of marketing and sales management positions with Hoffmann-La Roche. Mr Hastings was recently Chairman of the Board of Proteolix (sold to Onyx Pharmaceuticals in 2009), and served on the boards of ViaCell (sold to Perkin-Elmer in 2008), and Cerimon Pharmaceuticals. He is currently Chairman of the Board of the Bay Area Biosciences Association (Bay Bio) and serves on the executive committee of the board of directors of the Biotechnology Industry Association. He received a Bachelor of Science degree in pharmacy from the University of Rhode Island.
Jonathan MacQuitty, PhD - Jonathan has more than 15 years of operational experience in life science companies and 12 years of venture capital experience. His directorships have included Adiana, Dicerna, Entelos, Guava, Gynesonics, Iconix, Labcyte, ParAllele BioScience, Personalis, SFJ Pharma and Sunesis Pharmaceuticals. He joined Abingworth in 1999 as President and Director of the company’s US subsidiary, Abingworth Management Inc, and is based at the firm’s offices in Menlo Park, California. Before joining Abingworth he was an adviser to a Japanese venture capital firm. Between 1988 and 1997 he was CEO of GenPharm International, a biotech company in which Abingworth invested. Before this he held business development positions at Genencor and Genentech. He has served on the Board of the Biotechnology Industry Organisation (BIO). Jonathan has an MA in Chemistry from Oxford University, a PhD in Chemistry from the University of Sussex and an MBA from Stanford University. Jonathan is responsible for Abingworth’s Menlo Park office and focuses on West Coast deals.
David Parrot - David joined BMO Capital Markets in July 2010 as a Managing Director in the Healthcare Group. He has more than 20 years of investment banking experience and is responsible for covering the biopharmaceutical sector. Prior to joining BMO Capital Markets, David spent more than 12 years with Piper Jaffray as a Managing Director covering the biopharmaceutical sector. More recently, David was the Head of Healthcare Investment Banking at Montgomery & Co. and a member of its Executive Committee. David began his banking career at Manufacturers Hanover as well as SBC Warburg Dillon Reed.